• Dogecoin has been rising in value over the past few days, as traders bid up crypto prices in the hope of preventing aggressive rate hikes from the Fed.
• Shiba Inu and other meme coins in the cryptocurrency sector have also seen gains.
• Tamadoge has yet to benefit from the Dogecoin pump, with a technical downtrend still in play since mid-October.
Dogecoin, the native token of the dog meme-inspired Dogecoin blockchain, has been experiencing a bullish rally in recent days, with the token now trading at around $0.076 and over 15% higher than its lows just before the turn of the year. This strong performance has been seen across the broader meme coin sector, with Shiba Inu up around 10% in the last seven days.
The surge in Dogecoin’s price has been attributed to a weakening US economic outlook in the wake of last week’s soft US ISM surveys, which has caused traders to believe that the Fed will be less aggressive when it comes to rate hikes this year. Dogecoin is now above its 200-Day Moving Average, and some traders anticipate that a break back above $0.08 and a push above the 100 and 50DMAs in the low-$0.08s per token is likely, potentially opening the door to a test of early December highs above $0.11.
Despite the broader meme coin rally, Tamadoge (TAMA), an up-and-coming dog meme-inspired token that is set to provide more utility than Dogecoin or Shiba Inu, has yet to benefit. TAMA’s price continues to move to the downside according to a technical downtrend that has been in play since mid-October, with the 21DMA also having recently provided resistance. This has confused some investors, as they have been expecting the token to benefit from the Dogecoin pump.
It remains to be seen whether Dogecoin and the other meme coins can continue to pump in the coming days and weeks. For now, traders and investors will be keeping a close eye on the price of Dogecoin and Tamadoge, as the performance of these tokens will be a key indicator of the overall health of the cryptocurrency sector.